Zain Telecom has agreed to pay Bharti Airtel $129m over a settlement related to sale of its assets in 17 African countries. Airtel had bought Zain Telecom's assets in 17 African countries in 2010 for $10.7 billion.
After acquiring Zain’s telecom business, Airtel ran into dispute with Econet Wireless – a minority stakeholder in Zain Telecom.
“Bharti Airtel (Netherlands) BV, and Zain Telecom, have reached an agreement, pursuant to which Zain is to pay to Airtel approximately $129 million for the settlement of all of Airtel’s claims on account of the Nigeria Litigation, certain tax matters and associated legal costs,” said Airtel in a statement.
A separate settlement has also been reached between Airtel and Econet Wireless settling all claims, disputes whatsoever, between the two including in Nigeria and the Netherlands.
